His mother died after giving birth to him. His father, unable to cope with the loss of his wife, left Gabriel and his brother Roberto to be cared for by their aunts. He studied painting at the Academia de San Carlos, and at the age of 16 he became interested in photography thanks to José Guadalupe Velasco. He later befriended other photographers, such as Gilberto Martínez Solares and Raúl Martínez Solares, and these three would then move on to cinematography.

Figueroa made his entry in the movie industry in 1932 as a photographer of stills for the film Revolución of Miguel Contreras Torres. He was later one of the 20 cinematographers hired for the Howard Hawks film Viva Villa!. After a few jobs he obtained a scholarship to study in the United States where the established director of photography Gregg Toland taught Figueroa.